CryptoQuant’s data shows that Bitcoin is now in what are analysts calling the “most bearish” phase over the past two years. This has sent prices sharply down and affected the entire crypto market.
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Coins have fallen from an October 6 peak of over $126,000 to a current level below that. $83,790The market lost $715 Billion in value.
Bull conditions have weakened rapidly
CryptoQuant has been reported to be a victim of cyber-attacks. Bull Score Index fell to 20 Out of 100, last week was driven by weak spot-buying, negative momentum and a decrease in stablecoin liquid.
Bitcoin’s closing price was also lower than its 365-day average. The trendline, a longer-term line of support that held up during previous declines since the start of this cycle in January 20,23.
CryptoQuant sees the market clearly as more bearish based on these indicators than in previous corrections.
Corporate treasuries, trading desks, and corporate finance departments have changed their behavior. The market value of Treasury companies, which once supported price support, has dropped by 70 to 90% over the past few months.
Michael Saylor was found dead in his home, according to reports. Strategy The company bought 8178 BTC in the first week of this month, but it has since slowed down its purchases because its market capitalization is now closer to its value.
ETF flows are also negative. Outflows have totaled close to $3 billion this month. This can cause some institutions to unwind spread trades and sell their spot holdings.
Technical levels and short-term signals
On-chain indicators give mixed signals to buyers. Glassnode Reports indicate that the Mayer Multiple has moved toward its bottom range. This often indicates a phase of value, where buyers return.
Bitcoin’s Mayer Multiple is retracing towards the bottom of its long term range. This indicates a slowdown. Such compressions are historically correlated with price consolidation phases, where demand takes over.
📈https://t.co/QWQCUxgUoA pic.twitter.com/qufyp0opnr— glassnode (@glassnode) November 20, 2025
Some traders are able to see that the RSI readings for daily and weekly RSI have reached oversold levels, which could lead to a rebound. Analysts predict a recovery at the very least, and price testing above $100,000 is possible.
However, it is the breakdown of the average 365-day price that changes the situation. CryptoQuant predicted that the resistance level near $102,600 would be high, with a support range between $90,000.000 and $92,000 being closely monitored.
Bitcoin rallies have historically been between 40 and 50 percent within larger downtrends. So, rapid reversals may be possible even in the bearish phase.
Market Shock and Macro-Factors
According to reports, a sharp sell-off which triggered the recent crash started on 10 October when an extensive leverage flush out forced many positions close.
Market makers decreased liquidity, and the selling pressure grew. Binance temporarily dropped the Athena USDE peg from $0.65 to $0.65 due to a software bug. Automated liquidations were triggered across all platforms.
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Uncertainty and tighter liquidity are two macro concerns that have increased pressure on traders.
Some observers have linked specific parts of 2025 and 2024 rallies with certain events. BTC prices rose above $100,000 in 2024 due to the election of Donald Trump, while in 2025 a large number of corporate treasuries paid for Bitcoin and helped it rise above $120,000.
CryptoQuant says that these catalysts are largely over and new ones may have been priced already.
Chart by TradingView. Image from Unsplash.
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Source: www.newsbtc.com
